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State regulators probe CVS drug price fluctuations

Wednesday, October 24, 2018   (0 Comments)
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PSSNY continues to fight to save community pharmacy. Below is the most recent media story, featuring PSSNY Member Thomas D'Angelo on the egregious tactics of PBMs.PSSNY working for you!  #SaveCommunityPharmacy

State regulators probe CVS drug pricefluctuations
Lisa Fickenscher, New York Post

Drugstore giant CVS's puzzling fluctuation in pricing for meds have been hitting mom and pop pharmacists hard - and they've caught the notice of New York regulators.

PSSNY Member Tom D'Angelo, who owns a pharmacy on Long Island, claims he has lost "hundreds of thousands of dollars" over the past couple of years because of tough tactics from Caremark, CVS's pharmacy-benefits manager, or PBM.D'Angelo claims Caremark, which is a prescription middleman that dictates its reimbursement pricing, has subjected him to wild, unpredictable fluctuations in reimbursement rates for prescription drugs."It's like dealing with the mob," D'Angelo told The Post, declining to give his pharmacy's name for fear of retaliation. "I can leave my business and return the next day to learn that I'm being paid 70 percent less for the same drug I sold just 24 hours ago."

Another pharmacist in upstate New York told The Post his business is losing on average $4 per prescription, which amounts to a $300,000 annual loss.Read more

PSSNY's Recent Actions in the Fight Against CVS-Aetna Merger

Last week PSSNY leadership testified at NYS DFS hearing on CVS/Aetna Merger.PSSNY outlined its serious concerns by pointing out the impact to patients through limited networks, limited formularies, the Medical Loss Ratio and the reimbursement environment pharmacies are enduring. See testimony here.
 
DFS Superintendent Maria Vullo asked CVS lawyer Elizabeth Ferguson in a booming voice: "Will you vocally support the [PBM regulation] bill?""We would not oppose it," Ferguson said, not going any further.
 
Comments on the merger can be sent to to DFS until October 25.Pharmacists should tell their personal stories and experiences by emailing their comments to public-hearings@dfs.ny.gov with subject "CVS/AETNA MERGER."

Check out more PSSNY generated media coverage on the hearing:

How are YOU Fighting to Save Community Pharmacy?!?!
 
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